Saturn Receives Approval for Sale

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From WTVG-TV ABC 13: GM is proceeding to the next step with respect to the sale of Saturn. The U.S. Treasury has approved GM's sale or spinoff of the Saturn brand after results of a feasibility study were presented. GM expects to name an advisor to the sale or spinoff transaction from an outside investment bank this week. During the feasibility study there were four criteria to be met: get an OEM with a global presence, find a source of a dealer floorplan credit line, investment capital available, and a feasible company which is profitable. These were all met. According to Associated Press reports the top executive of General Motors' Saturn brand said the company most likely will sell the brand by August of this year and no later than the end of this year, nearly two years faster than previously announced. GM will continue to produce Saturn vehicles through the end of 2009 and may manufacture vehicles for the new owner on a contract basis as late as the end of 2011, Lajdziak said.

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General Motors Statement Regarding Black Oak Partners Press Release About Saturn

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As noted in GM's viability plan presented on February 17, 2009, GM announced it would review the potential spin-off or sale of Saturn and if those options did not prove viable Saturn's operations would be wound down over time. Over approximately the past 60 days, a sub-committee of Saturn retailers has been studying the feasibility of the sale or spin-off options, and has identified some parties that are potentially interested in a purchase or spin-off of Saturn. We are advised that one of the interested parties is Black Oak Partners. We are not at liberty to discuss any other interested party. With respect to what the eventual outcome concerning Saturn might be with Black Oak or any other interested party, it is simply premature at this time to speculate on what any eventual outcome may be.